Performing or Promising to Perform What One Is Already Obligated

question 19

True/False

Performing or promising to perform what one is already obligated to do is a valid consideration.

---

Definitions:

General Agreement on Tariffs and Trade

An international treaty that aimed to reduce tariffs and other trade barriers, leading to the establishment of the World Trade Organization.

Import Quotas

Restrictions set by the government on the amount or monetary worth of products allowed into a nation, aimed at shielding local businesses from overseas rivals.

Increased-Domestic-Employment

A situation where the number of jobs within a country rises, often as a result of economic growth or policies.

Net Exports

The value of a country's total exports minus the value of its total imports; it can be a positive number (trade surplus) or a negative number (trade deficit).